Shell Asset Management Co. Has $254,000 Stock Holdings in Alcoa Co. (NYSE:AA)

Posted by Defense World Staff on May 10th, 2023

Shell Asset Management Co. cut its stake in Alcoa Co. (NYSE:AA – Get Rating) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,589 shares of the industrial products company’s stock after selling 1,135 shares during the quarter. Shell Asset Management Co.’s holdings in Alcoa were worth $254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AA. State Street Corp increased its position in Alcoa by 5.6% during the first quarter. State Street Corp now owns 6,740,470 shares of the industrial products company’s stock worth $606,845,000 after buying an additional 356,919 shares during the last quarter. Bank of New York Mellon Corp increased its position in Alcoa by 5.7% during the third quarter. Bank of New York Mellon Corp now owns 6,106,620 shares of the industrial products company’s stock worth $205,549,000 after buying an additional 330,779 shares during the last quarter. Renaissance Technologies LLC increased its position in Alcoa by 26.4% during the third quarter. Renaissance Technologies LLC now owns 4,176,396 shares of the industrial products company’s stock worth $140,577,000 after buying an additional 871,861 shares during the last quarter. Theleme Partners LLP increased its position in Alcoa by 5.6% during the third quarter. Theleme Partners LLP now owns 3,401,530 shares of the industrial products company’s stock worth $114,495,000 after buying an additional 180,000 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in Alcoa by 52.1% during the third quarter. Two Sigma Investments LP now owns 1,965,127 shares of the industrial products company’s stock worth $66,146,000 after buying an additional 673,362 shares during the last quarter.

Alcoa Stock Down 0.8 %

NYSE AA opened at $36.51 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 1.78. The firm has a 50-day simple moving average of $41.29 and a 200 day simple moving average of $45.21. Alcoa Co. has a twelve month low of $33.55 and a twelve month high of $67.52. The stock has a market cap of $6.51 billion, a PE ratio of -7.87, a PEG ratio of 4.40 and a beta of 2.43.

Alcoa (NYSE:AA – Get Rating) last posted its quarterly earnings results on Wednesday, April 19th. The industrial products company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.18). Alcoa had a positive return on equity of 4.02% and a negative net margin of 6.78%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the company earned $3.06 EPS. The business’s revenue for the quarter was down 18.9% on a year-over-year basis. On average, research analysts forecast that Alcoa Co. will post 0.79 EPS for the current year.

Alcoa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Investors of record on Tuesday, May 16th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Monday, May 15th. Alcoa’s dividend payout ratio (DPR) is presently -8.62%.

Wall Street Analysts Forecast Growth

AA has been the subject of a number of recent analyst reports. BMO Capital Markets decreased their price target on shares of Alcoa from $45.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, April 20th. StockNews.com cut shares of Alcoa from a “hold” rating to a “sell” rating in a report on Friday, April 21st. B. Riley decreased their price target on shares of Alcoa from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, April 21st. JPMorgan Chase & Co. initiated coverage on shares of Alcoa in a report on Monday. They set an “overweight” rating and a $54.00 price target for the company. Finally, B. Riley Financial decreased their price target on shares of Alcoa from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, April 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.22.

Alcoa Company Profile

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Alcoa Corp. engages in the production of bauxite, alumina, and aluminum products. It operates through the following segments: Bauxite, Alumina, and Aluminum. The Bauxite segment represents the company’ global bauxite mining operations. The Alumina segment includes the company’s worldwide refining system, which processes bauxite into alumina.